Member Article

Miller Homes to get FirstBuy funding

Good news for first time buyers - Miller Homes North East is the latest recipient of FirstBuy funding, a government scheme to get them on the property ladder.

The Department for Communities and Local Government has included the house builder in the new equity loan scheme, which is set to replace HomeBuy Direct and will offer the scheme on several new build sites.

Under the new scheme, buyers will have the opportunity to purchase 100% of their home by paying up to 80% of its value now, with Miller Homes and the Government equally funding the remaining 20%.

This scheme will give the property market the entry-level buyers it needs, whilst also creating jobs and reducing the income support burden on the state

Miller Homes North East regional sales director Steve McElroy said: “FirstBuy will prove an excellent tool to help new buyers into the market.

“HomeBuy Direct was such a huge success that we are delighted to have a new scheme in place to help buyers find a fast, affordable way to purchase the home of their dreams.”

It is expected that the new scheme will help over 10,000 families to buy homes, which will help to mitigate the housing crisis.

Miller Homes North East sales director Steve McElroy added: “The HBF have been calling for a direct replacement since the scheme was withdrawn last year and this new incentive looks set to reinvigorate the market for first time buyers.” “In short, we strongly believe that the £250m will be a sound financial investment for the country and applaud the Government for making this move at a time of austerity.”

FirstBuy funding will be available on sites across the North East from September 2011.

This was posted in Bdaily's Members' News section by Ruth Mitchell .